In the News

December 22, 2009

Livemocha Raises $8 Million in Series B Funding

Bellevue, WA (PRWEB) December 22, 2009 -- Livemocha (www.livemocha.com), the world’s largest language learning
community, today announced that the company has raised $8 million in a
Series B financing round led by August Capital, with participation from
existing investor Maveron.

Livemocha is the leading language learning site worldwide, with over
4.8 million registered members from over 200 countries. Livemocha
offers free and premium online learning courses for over 30 languages,
led by the award-winning Livemocha Active English.

Livemocha offers a highly effective online learning experience that has
quickly attracted a large and active global community. Social,
interactive lessons include practice with native speakers for natural
development of practical language skills. Specific revenues are
undisclosed but growing rapidly, with customers in 97 countries paying
for premium products and services.

This latest round brings the total funds raised to date by Livemocha to
$14 million, and will be applied to accelerate platform innovation and
new partnership launches planned for the next 6-12 months.

“Closing a significant round of funding is acknowledgement of our
progress and underscores the large, disruptive potential of Livemocha,”
said Shirish Nadkarni, CEO and co-founder of Livemocha. “We are excited
and well-positioned to realize a very ambitious vision for the future
of language learning.”

Howard Hartenbaum, General Partner from August Capital, has joined
Amy Errett of Maveron on Livemocha’s Board of Directors. The company's
Series A was led by Maveron in December 2007.

About Livemocha

Livemocha
is a Seattle-based company that is redefining language learning by
combining dynamic online courses in over 30 languages with the world's
largest community of native language speakers. Since launching in
September 2007, Livemocha has grown to over 4.8 million members,
underscoring the strong demand for an engaging, collaborative approach
to language learning. There are currently over 375 million people
wanting to learn a language worldwide, and the market is currently
estimated to be over $80 billion, fueled by rapid globalization,
immigration and travel.

Founded in 1995, August Capital has funded an extraordinary group of
entrepreneurs who have built significant, long-term value across the
full range of information technologies. These companies represent an
aggregate market capitalization of well over $250 billion and generate
in excess of $75 billion in annual revenue around the world. This
success is a testament to the entrepreneurs themselves, as well as the
fundamental technologies they have created. The partners at August
Capital were the earliest investors in a number of ground breaking
technology companies, including Microsoft, Intuit, Seagate, Sun, Skype,
Compaq, Symantec, Sybase, Atheros, Grand Junction and many more. August
Capital is located in Menlo Park, California. For more information,
please visit: www.augustcap.com.